In the gains from trade diagram in Figure 3-3, suppose that instead of having a rise in
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In the gains from trade diagram in Figure 3-3, suppose that instead of having a rise in the relative price of manufactures, there is instead a fall in that relative price.
a. Starting at the no-trade point A in Figure 3-3, show what would happen to production and consumption.
b. Which good is exported and which is imported?
c. Explain why the overall gains from trade are still positive. LO.1
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